Evolution of Banks: Branch Reduction and Transformation
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Questions and Answers

Why are banks reducing the number of branches?

  • To increase costs
  • To cut costs as more people use online banking (correct)
  • To provide more face-to-face interaction
  • To cater to the needs of younger customers

    • What is one way in which bank branches are being altered according to the text?

  • Removing areas where people queue to withdraw money or deposit cheques (correct)
  • Expanding the physical size of the branches
  • Installing more ATMs outside branches
  • Adding more cashiers for faster service

    • Which of the following is a characteristic of mobile-only banks?

  • They provide access to an account manager through video calls, online chat, or phone (correct)
  • They offer services exclusively through bank branches
  • They have thousands of customers, especially among older people
  • They operate in multiple countries but not in Europe

    • What is a major difference between traditional banks and mobile-only banks?

    <p>Traditional banks have physical branches whereas mobile-only banks do not</p> Signup and view all the answers

    Why do some customers prefer mobile-only banks over traditional banks?

    <p>For the convenience of mobile banking without needing to visit a branch</p> Signup and view all the answers

    What role do cashpoints, tablets, and meeting areas play in modern bank branches?

    <p>They are part of the alterations to provide more digital options and customer service</p> Signup and view all the answers

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